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Gunther International Ltd. Announces Intention to Deregister Its Common Stock
With the Securities and Exchange Commission
NORWICH, Conn., Dec. 5 /PRNewswire-FirstCall/ -- Gunther International Ltd.
(BULLETIN BOARD: SORT) today announced that the Company's Board of Directors
has approved the filing of a Form 15 with the Securities and Exchange Commission
("SEC") to deregister its common stock and suspend its reporting obligations
under the Securities and Exchange Act of 1934. The Company expects that the
Form 15 filing will be made on or about December 8, 2003 and that the
deregistration will become effective within 90 days of its filing with the SEC.
Upon filing of the Form 15, the Company's obligation to file with the SEC
certain reports and forms, including Forms 10-KSB, 10-QSB and 8-K, will
immediately be suspended. In addition, the Company's common stock will no
longer be eligible for quotation on the Over-the-Counter Electronic Bulletin
Board ("OTC-BB"). Following the Company's Form 15 filing and the subsequent
cessation of quotations in the Company's common stock on the OTC-BB, the Company
anticipates that its common stock will be quoted on the "Pink Sheets" electronic
quotation service, but only to the extent that market makers commit to make a
market in the Company's shares. The Company will make an effort to have its
shares continue to trade on the "Pink Sheets" but can provide no assurance that
trading in its common stock will continue (Pink Sheet quotes are available over
the internet at http://pinksheets.com/ as well as through other services).
The Company expects to realize significant cost savings as a result of being
relieved of its SEC periodic reporting requirements. Marc I. Perkins, the
Company's President and Chief Executive Officer, stated: "After careful
consideration, our Board of Directors determined to take this action because of
the significant and increasing administrative burdens and expenses associated
with being a public company, particularly in light of the rules and regulations
promulgated under the Sarbanes-Oxley Act of 2002. This action has nothing to do
with the past or expected future financial performance of the Company. It is
being undertaken solely because of the tremendous expense of being a public
company. For a small company like ours, the benefits of being public do not
begin to justify the costs, which are not measured just in financial terms.
Since the adoption of the Sarbanes-Oxley Act of 2002, compliance matters are
requiring an ever increasing amount of senior management's time. Deregistering
our stock will enable senior management to focus all resources on implementing
the Company's business plan, thereby increasing long-term shareholder value."
The Company intends to continue to hold annual meetings and to provide its
shareholders and the interested public with financial information on an annual
basis while its common stock is quoted in the Pink Sheets quotation service. The
Company also intends to update shareholders and the public through press
releases and postings on the Company's web site at http://www.guntherintl.com/.
Gunther International Ltd. is a leading manufacturer of intelligent document
finishing systems and ink jet printing solutions. Based in Norwich,
Connecticut, the Company serves customers in the insurance, financial services,
pharmaceutical and outsourcing industries and governmental agencies.
CONTACT:
Marc I. Perkins
President & CEO
860-823-1427
This release was issued through eReleases(TM). For more information, visit
http://www.ereleases.com/.
DATASOURCE: Gunther International Ltd.
CONTACT: Marc I. Perkins, President & CEO, Gunther International Ltd.,
+1-860-823-1427
Web site: http://www.guntherintl.com/